However, gold reserves, which form part of the foreign exchange kitty, increased by $1.2 billion to $69.8 billion during the week, according to the central bank.
There has been a surge in gold buying amid geo-political tensions. According to industry experts, gold is now acting as a hedge against US economic sanctions too, traditionally being a safe haven asset and as a hedge against inflation. Despite inflation being moderated, gold has rallied to new highs. The share of gold in the country's forex reserves has also surged more than 210 per cent since 2018.
This story is from the November 09, 2024 edition of The Statesman.
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This story is from the November 09, 2024 edition of The Statesman.
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